10
IN VIEW
By Ged Henderson
also had an all-American flavour. New group chief finance officer Mark Segal has 35 years’ experience at leading public and private companies in North America.
Independent non-executive director Steve Desutter is a former chief executive of a major convenience store change in the southwestern US.
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Brought to you by: EG’S LONG GOODBYE
EG Group’s departure from Lancashire and the plans for its new future across the Atlantic continue to gather momentum.
Formal plans for the flotation of the petrol forecourt giant, founded by Blackburn brothers Mohsin and Zuber Issa, are now underway according to reports.
EG Group, about 25 per cent of which is owned by each of the brothers, is reported to have held a beauty parade of banks in London ahead of a $9bn (£6.7bn) US stock market listing.
The much-anticipated Wall Street flotation is expected to take place this year. Banking sources have named Barclays, Bank of America, Goldman Sachs, JP Morgan and Morgan Stanley as being involved in the selection process.
As well as marking the final departure from Lancashire, the American flotation is likely to see the end of the EG Group name. The business may choose to list in New York under the title Cumberland Farms, according to reports.
Cumberland Farms is the largest of EG America’s convenience and retail brands with more than 575 store locations across Connecticut, Florida, Massachusetts, Maine, New York, New Hampshire, Rhode Island, and Vermont.
EG Group is remaining tight-lipped about its flotation but in another move indicating progress on the plan and its firm focus on a US-based future, former Marks and Spencer boss Stuart Rose has stepped down as group chairman.
He has been succeeded by Roland Smith, former chairman and chief executive of Office Depot OfficeMax, Inc, the world’s second- largest office supply chain, which has its headquarters in Florida.
In association with:
The new chairman is described as a highly experienced senior executive in the consumer industry and is currently chairman of Jack’s Family Restaurants, a chain of fast-food outlets in the southern United States, and a director of Tropical Smoothie Café, a franchise chain which operates across the States.
During his five-year term as chairman, Lord Rose played an important role in the group’s corporate activity, including the sale of EG UK to Asda in 2023.
He will remain a member of EG Group’s board as a non-executive director to “provide continued strategic counsel to the business.”
EG Group, created in Blackburn by the billionaire brothers, has become one of the world’s largest fuel retailing multinationals,
And the group is now led by New York City- based Russ Colaco, who took over the role of chief executive from Mohsin in April last year.
Zuber and Mohsin currently both remain non-exec directors and shareholders in the business. EG Group’s US sites are reported to be worth more than £3.7bn.
In total, EG Group currently employs about 33,000 people and operates roughly 4,300 sites.
EG also announced exits from two of its global operations in late 2025 as part of its work to cut debt and refocus on core markets.
The group revealed a deal worth £580m to sell its Australian business to fuel retailer Ampol. Just days earlier it announced the £360m sale of its Italian operations to a consortium of local companies.
It said the sales were in keeping with its strategy to develop its core market operations, strengthen its balance sheet and reduce leverage.
Commenting on the Australian deal, EG Group chief executive Russ Colaco said: “This transaction is a significant milestone in our ongoing efforts to streamline EG Group’s global portfolio and sharpen our focus on the markets where we see the largest growth opportunities.
This transaction is a significant milestone in
our ongoing efforts to streamline EG Group’s global portfolio and sharpen our focus on the markets where we see the largest growth opportunities
expanding its foodservice offering and generating significant profits.
The business – a member of Lancashire Business View’s Big 20 list of county companies by sales and profit - is roughly 50 per cent-owned by TDR Capital, the London- based private equity firm which also owns a controlling stake in supermarket giant Asda.
At the end of last year Lancashire Business Review reported that the group was poised to quit its Blackburn headquarters for America as part of its “continued transition to a US- managed organisation.”
As part of that transition, the company revealed that its group headquarters was being relocated to Charlotte in North Carolina where key financial, legal and other corporate personnel will be based.
In parallel with that work, the group’s European Share Service Centre in Blackburn is also being moved down the A666 to Bolton.
The brothers’ business empire began back in 2001 when they bought a run-down petrol station close to Bury town centre. EG Group’s impressive Waterside headquarters opened in 2020 and cost £35m to build.
Other recent top-level appointments have EG On The Move HQ
“We remain fully focused on executing our strategy and building a platform for further growth, with our world-class grocery and merchandise, foodservice and fuel retail proposition.”
Zuber acquired the forecourt division of EG Group in a £228m deal last June, renaming it ‘EG On The Move’ and has spoken of his desire to “create a retail powerhouse” in the independent petrol forecourt sector. The business is also based in at Waterside and is set to remain headquartered in Blackburn.
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